EXHIBIT 10.26
AMENDMENT TO EXECUTIVE'S EMPLOYMENT AGREEMENT
The Employment Agreement between Xxxxxx X. Xxxx ("Executive") and
Interactive Telecom Network, Inc. ("Company"), dated 10/27/99 is hereby amended
as follows:
1. All references in Employment Agreement to ITN shall be deemed to include
a reference to Interactive Gallery, Inc. in the event of the dissolution or
liquidation of ITN.
2. For the fiscal year ending March 31, 2002, Executive's Annual Base
Salary shall be $200,000.00 per annum which shall be paid in equal installments
on a biweekly basis.
3. Company may, in its sole discretion, grant bonuses based on Executive's
performance and such other factors as it deems pertinent. Bonus determinations
will be made by the independent members of the Compensation Committee of the New
Frontier Media, Inc. Board of Directors.
4. In the event of dissolution or liquidation of ITN, it shall not trigger
any rights Executive may have under Section 3(C)(i) of the Employee Agreement so
long as Executive remains Chairman of the Board of Interactive Gallery, Inc.
5. This Amendment to the Employment Agreement supercedes and takes
precedence over: Section 2 (A)(i); Section 2(B)(i), (ii) and (iii), but only for
the fiscal year ending March 31, 2002; and Section 3(C)(i), but only in the
specific instance referred to in paragraph 4 above.
INTERACTIVE TELECOM NETWORK, INC.
By /s/ Xxxxxxx Xxxxxx /s/ Xxxxxx Xxxx
------------------------- ---------------------------
Xxxxxx X. Xxxx
